Kentucky Derby Betting With Crypto Currency Increases in Popularity
According to US Racing

April 30, 2018 11:44 AM Eastern Daylight Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--US Racing (www.usracing.com),
an international online horse racing service, reported a
non-insignificant trend in crypto currency being used to place wagers in
advance of the Kentucky Derby to be held at Churchill Downs on Saturday,
May 5th.

On Saturday, millions of people around the world will be tuning in to
watch the 144th Kentucky Derby. While some will make the
journey to Louisville, Kentucky to place their wagers at the betting
window in person, others will use their local OTBs. Even more people
will be placing their Kentucky
Derby wagers online at ADWs
in the United States and international racebooks.

Over $100 million dollars was wagered on last year’s Kentucky Derby race
(setting a new record) and many expect to see the overall volume
increase in 2018.

Blockchain and Crypto for Horse Racing?

What was a nascent niche a few years ago has grown; increased acceptance
by private gaming groups of Bitcoin and Litecoin from their customers
has grown in tandem with the explosion of new accounts at exchanges like Coinbase,
according to research by US Racing.

“Right now, while punters are limited to a handful of private
international gaming companies that will accept deposits with crypto
currency, players with crypto wallets can use Bitcoin, Bitcoin Cash or
Litecoin to make a deposit and bet on the Kentucky Derby,” said Tim
Maxwell, Operations Director of US Racing.

“However, both the legality and associated risk management of accepting
crypto currency needs further clarification before we see widespread
adoption in the gaming and racing industry as a whole. The violent
swings in bitcoin prices can add another layer of risk management that
some public companies believe do not justify the added convenience for
providing this deposit method to [their] customers,” said Maxwell.

But just as organisations like OverStock.com, Expedia, Microsoft and
Bloomberg have made the decision to accept payments in crypto currency,
so will more online and land based casinos and racebooks.

“We expect a handful of publicly traded UK, Maltese and Canadian gaming
companies to accept Bitcoin deposits on a trial basis by early to
mid-2019 followed by land based racebooks and casinos in late 2019 and
early 2020,” Maxwell added.

Ethorse

“While you can’t bet on the horses with Ether just yet, ETH holders have
the next best thing available from a new blockchain startup called Ethorse,”
said Maxwell. At Ethorse, the user can back their favorite coin and win
in the same way a punter backs a horse to win the Kentucky
Derby.

Maxwell points out that, “the concept of betting on the price of the
coins themselves is not new as there are various decentralized
prediction markets online or in development like Ethorse
and Augur.
Punters will be game for a flutter on whether BTC will beat XRP in a
match up or if ETH will win by a nose. Just because it is blockchain
doesn’t preclude people from making bets.”

Indeed, according to US Racing, further applications of blockchain
should be considered in the horse racing industry as a whole, so that it
levers technologies that can both protect the animals and their
connections into the future.

US Racing

US Racing (www.usracing.com)
is an international online horse racing service that offers
thoroughbred, harness and greyhound wagering content from over 200 of
the world's premier racetracks. Membership is free and services are
available via desktop computer, laptop, iPad, iPhone or Android powered
devices.

US Racing features race analysis, interviews, free handicapping tips and
award winning stories on trainers, jockeys, owners, breeders, horses and
new technology and developments in the horse racing industry. US Racing
provides reviews and promotions of racebooks, OTBs and ADWs companies
worldwide. No wagering of any form takes place at US Racing.

The goal of US Racing is to entertain, educate and inform people about
the sport of thoroughbred horse racing.

US Racing is privately held with offices in the Americas, Hong Kong and
the Isle of Man.